In my experience, it absolutely does.
I wish people would state the circumstances instead of just incoherently ranting about 'bad'. I've only raced GT cars so far, so can't comment on open wheelers or karts. I use cockpit view or bonnet cam. I've raced with max grids in all ToD and weather, but generally avoid rain (not for performance reasons, I just don't like the lower grip).
The 'ghosting' doesn't bother me. I hardly notice it, but it is there.
Game looks and performs superbly on PS4 in my limited experience. Not absolutely perfectly, but pretty damn close.
YMMV.
Pretty much my experience.
Technically I have no issue, there are just some odd design decisions I struggle to get my head around.